TAIPEI (TVBS News) — Hotai Motor, the Taiwanese distributor for TOYOTA and LEXUS, reported during an earnings call on Thursday (Dec. 8) a backlog of approximately 23,400 orders, despite anticipating a slight decrease in sales volume compared to this year.
With a 33.3% share in Taiwan's auto market, TOYOTA and LEXUS recorded a combined total of 144,522 vehicle registrations from January to November, with an expected exceedance of 13,000 units in December.
The company's profit for the first three quarters was mainly driven by its core operations, notably boosted by the higher-priced and more profitable LEXUS brand.
Hotai Motor has 19,000 pending orders for TOYOTA and 4,400 for LEXUS. With an estimated sales rate of 12,000 to 13,000 vehicles per month, the current orders are expected to sustain business for the next two months.
Also, Hotai Motor's diversified investees, including Carmax, Hotai Finance, and Hotai Leasing, have shown growth.
Hotai Insurance experienced significant growth this year, contrasting with last year's epidemic insurance impact. However, the only subsidiary facing a profit decline was the investment channel in China, challenged by the competitive pricing of electric vehicles from domestic brands like BYD.